Comment from Luke, Wardensky
Luke WardenskyOpposeIndividual
Summary: A long-time credit union member opposes the proposed merger with Parkside CU, arguing that it will lead to reduced service, higher fees, and significant operational risks. The commenter believes the current service is sufficient and that the merger's promised benefits are a "bribe" that ignores the costs of employee turnover and technological integration.
I hope all LCCU members will join me in rejecting this proposal for merger with Parkside CU. I have been a member for over 40 years and I stand to make a lot of money from the proposed dividend, so you know I mean this when I say this will not improve service for the customer.
Please pay attention to this proposed dividend and how prominent it is in the notices from LCCU. It might as well be a bribe for your yes vote. You will pay for it in extra fees and reduced service.
Please notice that the documents mailed to us do not discuss the known and unknown negative effects of this merger. I have been part of several corporate mergers and they never go smoothly. Many employees feel cheated, are afraid of the change, or lose their company culture. There will be lots of employee turnover and that is expensive. Retraining both existing teams for new procedures is expensive. Adopting new technologies, as they propose, is full of risks and expense.
If you feel that LCCU is providing you the service you want right now, as I do, they there is no need to change things. We can grow slowly into the future from the “strong” position we are in. Changing just to grow the business only adds the risk of problems.
Please vote no on this merger and let’s keep LCCU on the right path of friendly, easy to work with, excellent service that we currently have.